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Bond Market News
Vedanta Resources Upgraded by Two Notches to Caa1
September 16, 2024
Vedanta Resources has been upgraded by two notches to Caa1 from Caa3 by Moody’s. The rating agency also upgraded the senior unsecured debt of Vedanta by similar notches to Caa2 from Ca. The upgrade comes on the back of the successful issuance of its $900mn 10.875% 2029s last week leading to reduced refinancing risk for the company. The proceeds from this issuance have been earmarked to repurchase its two existing bonds, namely $470mn of 2027s and $1bn of 2028s. Vedanta’s next bond maturity falls in April 2026, which Moody’s expects the company to address in a timely manner. Vedanta has significantly reduced its gross debt to $5.7bn as of March 2024 from $9.1bn in March 2022. Vedanta was earlier upgraded by S&P in July, citing improving capital structure and liquidity.
Vedanta’s newly issued 10.875% 2029s traded stable at 99.7, yielding 10.95%.
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